Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company accounts for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights and payment terms can be identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it is entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised good or service to a customer. The performance obligations typically have an original expected duration of one year or less.
Contract Balances
Contract assets are the rights to consideration in exchange for goods and services that the Company has transferred to a customer. Revenues in excess of billings result from revenues recognized over time. Unbilled receivables result from revenues recognized point in time and represent an unconditional right to payment for earned revenues and result from timing differences between when revenues are earned and billed for. Unbilled receivables are recognized as accounts receivable when they are billed. Contract liabilities result from revenues recognized over time and represent cash received in excess of revenue earned on active projects. Where the Company receives a down-payment from the customer, it is recorded in customer deposits within accrued expenses and other current liabilities until the project becomes active.
Contract balances as of September 28, 2024 were as follows:

(dollar amounts in millions)
Revenues in excess of billings at September 28, 2024
 $ 19.3 
Unbilled receivables at September 28, 2024
 6.0 
Contract assets at September 28, 2024
 $ 25.3 
Revenues in excess of billings at December 30, 2023
 $ 17.8 
Unbilled receivables at December 30, 2023
 31.9 
Contract assets at December 30, 2023
$ 49.7 
Contract liabilities at December 30, 2023
 $ 26.7 
Contract liabilities at September 28, 2024
 $ 21.1 
During the three and nine month periods ended September 28, 2024, the Company recognized revenue of approximately $0.2 and $22.6, respectively, related to contract liabilities at December 30, 2023.

Disaggregation of Revenue
The principal categories we use to disaggregate revenues are by timing and sales channel of revenue recognition. The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the three and nine month periods ended September 28, 2024 and September 30, 2023:
Revenue by Timing of Revenue Recognition

(dollar amounts in millions)
 Three Months Ended Nine Months Ended
Reportable Segments by Timing of Revenue Recognition
 September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023
Janus North America
Product revenues transferred at a point in time $ 141.9  $ 199.1  $ 484.8  $ 562.0 
Product revenues transferred over time 22.6  28.9  81.9  89.5 
Service revenues transferred over time 44.6  32.5  113.6  89.1 

$ 209.1  $ 260.5  $ 680.3  $ 740.6 
Janus International
Product revenues transferred at a point in time $ 11.8  $ 10.5  $ 31.5  $ 35.7 
Service revenues transferred over time 9.5  9.9  22.6  27.5 
$ 21.3  $ 20.4  $ 54.1  $ 63.2 
Eliminations $ (0.3) $ (0.8) $ (1.4) $ (1.2)
Total Revenue
 $ 230.1  $ 280.1  $ 733.0  $ 802.6 
Revenue by Sales Channel

(dollar amounts in millions)
 Three Months Ended Nine Months Ended
Reportable Segments by Sales Channel Revenue Recognition
 September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023
Janus North America
Self-storage - new construction
 $ 74.0  $ 86.7  $ 273.7  $ 236.0 
Self-storage - R3
 53.8  85.1  180.8  245.2 
Commercial and others
 81.3  88.7  225.8  259.4 

$ 209.1  $ 260.5  $ 680.3  $ 740.6 
Janus International
Self-storage - new construction
 $ 18.2  $ 18.8  $ 45.8  $ 55.9 
Self-storage - R3
 3.1  1.6  8.3  7.3 
$ 21.3  $ 20.4  $ 54.1  $ 63.2 
Eliminations $ (0.3) $ (0.8) $ (1.4) $ (1.2)
Total Revenue
 $ 230.1  $ 280.1  $ 733.0  $ 802.6